Hyperliquid Price Breakout Imminent as Trendline Holds

Hyperliquid's price prediction is gaining attention as it holds above a key trendline after a third retest. The first two attempts to break this trendline resulted in fresh lower lows, but the third test saw weaker selling pressure and no new low formed. This suggests that the downward momentum may be fading, potentially paving the way for a breakout.

According to data from CoinGlass, the 24-hour futures volume for Hyperliquid (HYPE) stands at $1.36 billion, with a market cap of $14.87 billion and open interest measuring $2.50 billion. This indicates that leveraged derivatives traders are still active in the market, which could either support or hinder the potential breakout.

A recent post from Hyperliquid Daily highlighted institutional capital flowing into HYPE, with Multicoin Capital investing over $100 million. General partner Spencer Applebaum attributed this investment to Hyperliquid's ability to generate real cash flow, adding a fundamental layer to the technical picture and supporting the fading selling pressure seen on the third trendline retest.

Short liquidations have been dominated in the past 24 hours, with short sellers taking the bigger hit. This could suggest that buyers are regaining control of the market, potentially leading to an upward move.